When we last checked in with Anshu Jain, Deutsche Bank's head of corporate and investment banking, there were rumors that, despite rave reviews from the likes of Larry Fink and other DB shareholders, he might be passed over for the job of CEO at Deutsche for being (1) not German and (2) "a bond and derivatives technician at a time when the practices of all major banks are still being scrutinized."

Fortunately for Jain, Deutsche Bank has come partially to its senses and named him to succeed CEO Josef Ackermann, who will step down in 2012. But to preserve DB's Teutonic je ne sais quoi, Jain will have some homeland supervision:

The bank has resorted to a dual CEO structure, despite the potential for conflict and even power struggle between the two, because handing the reins to Mr. Jain alone is seen as too much of a culture shock, according to people familiar with the matter.

His co-CEO is 62-year-old Jürgen Fitschen, who "is expected to manage the bank's corporate, public and political relationships in Germany" while 48-year-old AJ runs operations and strategy. But Fitschen can only do so much to shield any slackers in Frankfurt from the coming changes:

After a 16-year waiting game, Mr. Jain is expected to come in and shake up the status quo, imposing a demanding, performance-driven culture in the staid German areas of the operation, according to people familiar with the matter.

Deutsche Names Two as Co-CEOs [WSJ]